Sen. Ted Cruz said he's "not a fan" of the tariffs President Donald Trump imposed on imported goods this week because of the impact they may have on U.S. consumers.
"Tariffs are a tax on consumers, and I'm not a fan of jacking up taxes on American consumers," the Texas Republican told Fox Business' Larry Kudlow on Thursday. "So my hope is these tariffs are short-lived and they serve as leverage to lower tariffs across the globe."
In his "Liberation Day" speech on Wednesday, Trump announced his administration would be imposing 10% tariffs on all U.S. imports, as well as reciprocal tariffs for countries he says engage in unfair trade practices with the United States. Targeted tariffs include 34% for China, 20% for the European Union, and 24% for Japan.
"My answer is very simple if they complain: if you want your tariff rate to be zero then you build your product right here in America because there is no tariff if you build your plant, your product in America," Trump said in his Rose Garden speech.
Cruz acknowledged that the new tariffs could spur America's trading partners into lowering the tariffs they charge the U.S., but he also said that the president's strategy could likewise result in a "bad outcome."
"If the result of yesterday's announcement is a lot of our trading partners across the globe dramatically reduce the tariffs they charge on U.S. goods and services, and the consequence is the U.S. government dramatically cuts the tariffs that were announced yesterday, that would be a great outcome, that would be good for America," Cruz told Fox Business.
"If the result is our trading partners jack up their tariffs and we have high tariffs everywhere, I think that is a bad outcome for America," he added.
In addition to Democrats, several Republican lawmakers have spoken out against Trump's trade policies, which they argue depart from the GOP's longtime commitment to free trade and could negatively impact American consumers.
On Wednesday, four Republican senators – Mitch McConnell and Rand Paul of Kentucky, Susan Collins of Maine, and Lisa Murkowski of Alaska – joined with Democrats in passing a resolution to terminate the president's emergency declaration on fentanyl trafficking, which underpins the Canadian tariffs. The resolution is likely dead on arrival in the GOP-controlled House and stands little chance of making it to Trump's desk.
Some economists have warned that the new tariffs could worsen inflation, while also pushing the U.S. economy into a recession.
JPMorgan chief economist Bruce Kasman raised the risk of a global recession from 40% to 60%, as a result of the tariffs announcement, in a Thursday note titled "There Will be Blood."
America's global trading partners have met Trump's tariffs with strong opposition and many have vowed to retaliate with trade measures of their own that target U.S. goods and services.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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